Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
dgreenwood8
New Member

Do I need to refile if I omitted a 1099S which had no affect on my total taxes?

Inherited home sale - no loss or gain. Sold for appraised value.
2 Replies
rjs
Level 15
Level 15

Do I need to refile if I omitted a 1099S which had no affect on my total taxes?

Yes, you have to file an amended return. The IRS gets a copy of the 1099-S, so they know how much you received from the sale. But they don't know that the home was inherited, and they don't know your basis, so they don't know that you had no gain. If you don't file an amended return to report the sale, the IRS will assume that your basis is zero, and that therefore the full amount that you received is all taxable gain. You have to file the amended return to show that you had no gain.

 

dgreenwood8
New Member

Do I need to refile if I omitted a 1099S which had no affect on my total taxes?

Thanks for the confirmation. Appreciate your time.

Dynamic AdsDynamic Ads
Privacy Settings
v